Kik Messenger CEO Ted Livingston has announced
that the iOS and Android messaging service will be shut down. The decision to shutter Kik was made not because the app receives poor engagement or user downloads, but because the company is in the midst of a legal battle with the SEC over its "Kin" cryptocurrency.
In a blog post, Livingston explained that at this point Kik is one of the largest apps in the United States, with industry leading engagement amid a recent growth period over the past few months. Nevertheless, the team has decided to shut down Kik, reduce the company from over 100 employees to just 19, and focus on converting more users into Kin buyers.
Livingston said that no matter what happens to Kik, the Kin cryptocurrency is "here to stay."
While we are ready to take on the SEC in court, we underestimated the tactics they would employ. How they would take our quotes out of context to manipulate the public to view us as bad actors. How they would pressure exchanges not to list Kin. And how they would draw out a long and expensive process to drain our resources.
Together these changes will drop our burn rate by eighty five percent, putting us in position to get through the SEC trial with the resources we have.
Kik Messenger provides users with a way to connect to friends and family through text messaging, group chats, and video chats. The app doesn't require users to enter a phone number or connect it to a social network platform, so it was appealing to users interested in anonymity, letting them sign up with any name and an email address.
It's unclear exactly when the company plans to shut down Kik for good.
This article, "Kik Messenger Shutting Down as Company Pivots to Focus on 'Kin' Cryptocurrency
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App Store chart topper Coinbase
introduced support for Bitcoin Cash on Wednesday, allowing users of the cryptocurrency exchange app to trade in the alternative "forked" digital asset.
Bitcoin Cash appeared in early August when a group of developers created a separate version of the Bitcoin blockchain, so that more transactions could be processed at a faster rate, with lower associated fees involved.
When news of a potential split or "fork" in the blockchain first appeared, Coinbase said it would not support trading in the new currency that would be created as a result, but in August it reversed its decision and said customers would be able to withdraw Bitcoin Cash from the first day of 2018.
Following today's app update, all users will be credited an amount of Bitcoin Cash that is equal to their Bitcoin balance when the fork occurred on August 1. Bitcoin Cash trading will also be available on GDAX, which is Coinbase's institutional-based exchange.
The Coinbase app surged
to the top of Apple's free apps chart in the App Store last week, amid a speculative frenzy surrounding the blockchain cryptocurrency. Today's announcement that it would support Bitcoin Cash caused BTC to drop sharply in the early hours as users switched currencies, but the value appears to have stabilized since, at around $17,599 as of writing.
Also this week, a new version of the CoinHub
app was released. Version 1.5 of the cryptocurrency quote platform brings a new secure portfolio, Reddit and news separation, fresh UI styling, and a FOREX engine that lets users purchase any currency pair and automatically see the value in their local fiat currency. Discuss this article
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